Ten Great Tax Tips
1. You can claim a non-refundable tax credit for public transit passes of at least monthly duration purchased for you. Eligible transit includes local and commuter buses, streetcars, subways, commuter trains and local buses. If you are entitled to claim the credit, be sure to keep your receipts or transit passes themselves on file.
tax reduction
2. Tuition Fees qualify for a non-refundable 15% Federal Credit for 2010 if you pay them for yourself. You may be able to claim certain tuition fees paid for your child or another person based on predefined transfer rules.
3. Moving expenses and the cost of selling the home are eligible. This includes real estate commissions, penalties for paying off a mortgage, legal fees, and advertising costs. To make the claim you have to move 40KM closer to a new work or business location.
4. If you are acquiring your first home, you may qualify for a non-refundable tax credit for first-time home buyers on up to $5000 of the home's cost (worth up to about 750).A qualifying home is one that is currently eligible for the Home Buyer's Plan.
5. If you carry on a business, either personally or through a corporation, consider paying a salary to your spouse and/or children. The salary must be "reasonable" in light of the services they perform for the business.
6. You can claim a tax credit for up to $ 500 in fees for eligible fitness programs for each child who is under age 16 at any time during the year. Generally, an eligible program is one that is ongoing and includes a significant amount of physical activity.
7. If you own more than one rental property, you may deduct automobile expenses incurred to collect rent or supervise repairs. Lease cancellation payments can also be deducted, but only over the lease term or remaining lease term.
8. If your children attend Private School, check with the school to determine if a portion of the tuition fees is eligible for the tuition fee credit or qualifies as a charitable donation.
9. The travel expenses for the patient including gas, meals, accommodations, for the patient and the attendant for the period to and from the city where treatment is provided as well as during the period of treatment can be claimed.
10. Consider depositing child tax benefit and universal child care benefit payments into a bank account in your child's name so that the income is taxed in the child's hands.
tax savings
tax reduction
2. Tuition Fees qualify for a non-refundable 15% Federal Credit for 2010 if you pay them for yourself. You may be able to claim certain tuition fees paid for your child or another person based on predefined transfer rules.
3. Moving expenses and the cost of selling the home are eligible. This includes real estate commissions, penalties for paying off a mortgage, legal fees, and advertising costs. To make the claim you have to move 40KM closer to a new work or business location.
4. If you are acquiring your first home, you may qualify for a non-refundable tax credit for first-time home buyers on up to $5000 of the home's cost (worth up to about 750).A qualifying home is one that is currently eligible for the Home Buyer's Plan.
5. If you carry on a business, either personally or through a corporation, consider paying a salary to your spouse and/or children. The salary must be "reasonable" in light of the services they perform for the business.
6. You can claim a tax credit for up to $ 500 in fees for eligible fitness programs for each child who is under age 16 at any time during the year. Generally, an eligible program is one that is ongoing and includes a significant amount of physical activity.
7. If you own more than one rental property, you may deduct automobile expenses incurred to collect rent or supervise repairs. Lease cancellation payments can also be deducted, but only over the lease term or remaining lease term.
8. If your children attend Private School, check with the school to determine if a portion of the tuition fees is eligible for the tuition fee credit or qualifies as a charitable donation.
9. The travel expenses for the patient including gas, meals, accommodations, for the patient and the attendant for the period to and from the city where treatment is provided as well as during the period of treatment can be claimed.
10. Consider depositing child tax benefit and universal child care benefit payments into a bank account in your child's name so that the income is taxed in the child's hands.
tax savings
